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Natural Gas Resistance At $2.70 Offering Another Selling Opportunity

By Dimitris KontoulisCommoditiesApr 17, 2021 12:29PM ET
www.investing.com/analysis/natural-gas--resistance-at-270-offering-another-selling-opportunity-200573633
Natural Gas Resistance At $2.70 Offering Another Selling Opportunity
By Dimitris Kontoulis   |  Apr 17, 2021 12:29PM ET
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Natural Gas futures on the Nymex had a positive week before closing 6.3% higher than the previous one at $2.68. EIA confirmed on Thursday a build of 61 Bcf in working underground stocks for the week ended April 9. Inventory is currently at 1,845 Bcf, 11.6% lower y/y, 0.6% above the 5-year average.

The market is close to $2.70 which most probably will continue offering resistance before the July and August contracts will trade in larger volumes. We wanted to see the Daily MACD crossing bearish before selling from these levels towards the seasonal floor. Range-bound behavior has been highly anticipated and the market is now offering another selling opportunity on the continuation of the post-winter downtrend. We will cautiously take this move having in mind that the market will want to move higher for the winter 2022 later in summer. Consumption during the Dog Days is always offering a reliable benchmark for the months to follow as summer demand is only half of winter's.

Production is comfortably keeping pace with demand while online Natural Gas rigs are 2% fewer year-over-year at 94. U.S. consumption is currently down 3.8% y/y but total demand for U.S. Natural Gas has been looking better lately. U.S. macro data and the Dollar Index to be routinely monitored. Daily, 4hour, 15min MACD and RSI are pointing to entry areas.

Nat Gas 4-H Chart
Nat Gas 4-H Chart

Natural Gas Resistance At $2.70 Offering Another Selling Opportunity
 

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Natural Gas Resistance At $2.70 Offering Another Selling Opportunity

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Comments (1)
Hannibal Lecter
Hannibal Lecter Apr 18, 2021 4:44AM ET
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Mr. kontoulis. ..is possible hit 2.250 or more low or the more low was 2.4....?.??....thks Mr dimitris
Dimitris Kontoulis
Dimitris Kontoulis Apr 18, 2021 4:44AM ET
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the m.dollar question, i have been talking about these levels since November, the market touched them twice in the middle of winter so I am expecting the seasonal floor to be around there, January 22 remains flat enough, calendar analysis really important as the downtrend will soon be running out of time... Stay with the near term charts,
Nikil Biraj
Nikil Biraj Apr 18, 2021 4:44AM ET
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sir what's your target for tomorrow.
Robert Bajdak
barrelsperday Apr 18, 2021 4:44AM ET
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Nikil Biraj target for tomorrow is 2.7420
Robert Bajdak
barrelsperday Apr 18, 2021 4:44AM ET
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Nikil Biraj make a long trade does not matter size jusy with a very small tp.
 
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